Insurance brokers in Nigeria are advocating for inclusion in the category of small companies that will benefit from tax exemptions as outlined in the 2024 Tax Reform Bill. These brokers, operating under the Nigerian Council of Registered Insurance Brokers (NCRIB), aim to be classified among businesses with a turnover of N50 million and below or fixed assets under N100 million.
Analyzing the 2024 Tax Reform Bill
The NCRIB convened a meeting to scrutinize the provisions of the 2024 Tax Reform Bill, assessing its potential advantages and challenges for the insurance industry. During the 2025 edition of the “Breakfast Series with the President,” themed “2024 Tax Reform Bill: What’s in It for Brokers,” key stakeholders gathered in Lagos to discuss strategies for influencing the bill in favor of the insurance sector.
Expert Insights on Tax Reforms
Adesina Adedayo, a renowned strategic tax advisor and compliance specialist, served as the guest speaker at the event. He highlighted the significant impact the 2024 Tax Reform Bill could have on the operations, profitability, and compliance requirements for insurance brokers. Adedayo pointed out that the bill could enhance tax compliance, simplify the tax system, boost revenue generation, and promote economic growth and investment.
Council’s Commitment to Advocacy
Prince Babatunde Adeleke Oguntade, the President of the NCRIB, emphasized the Council’s commitment to ensuring the insurance sector’s concerns are adequately addressed in the tax reform discussions. He assured that the Council would provide inputs that could lead to substantial growth and development within the sector. Oguntade expressed confidence that insurance brokers would adeptly navigate the complexities of the tax reforms, emerging more robust and resilient.
Strategic Efforts for Sectoral Growth
The NCRIB’s proactive approach to the 2024 Tax Reform Bill underscores its dedication to fostering a favorable environment for insurance brokers. By engaging in thorough analysis and strategic advocacy, the Council aims to secure benefits that could significantly uplift the industry’s overall performance and competitiveness.
This initiative forms part of a broader effort by the NCRIB to ensure that insurance brokers are well-positioned to thrive amidst evolving regulatory landscapes, reinforcing their role in Nigeria’s economic development.
